Software-as-a-service (SaaS)-based expense management solution automates all components of expense management processes such as expense analysis, expense reporting, travel booking, and employee reimbursement. It further helps the expense manager to manage and reduce their reporting errors during work. In addition, this helps businesses to significantly lower their expense, improve the operational efficiency, and speed up the processes by providing cost benefits. Furthermore, SaaS-based expense management solution not only tracks the expenses but also performs predictive analysis, historical spend analysis, and other similar functions.
The growth of the global SaaS-based expense management market is majorly driven by increase in penetration of smartphones and rise in use of app-based services. In addition, rise in need to reduce expenses and operational costs as well as increased adoption of end-to-end expense management solutions, further propel the growth of the market. However, lack of security of data over cloud platform and high initial investment for SaaS-based application act as the key deterrent factors of the global market. On the contrary, increase adoption of mobile or app based software as well as adoption of SaaS-based technology across various industry verticals are anticipated to provide lucrative opportunities for the market growth in the future.
The global SaaS-based expense management market is segmented into component, type, organization size, industry vertical, and region. By component, the market is segregated into solution and service. On the basis of type, it is bifurcated into travel expense management and telecom expense management. Depending on industry vertical, it is fragmented into manufacturing, media & entertainment, healthcare, travel & tourism, energy & utility, IT & telecom, retail & e-commerce, BFSI, government & public sector, and others. As per organization size, it is categorized into small- & medium-sized enterprises and large-scale enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the SaaS-based expense management market include Apptricity Corporation, Ariba, Inc., Concur Technologies, Expensify, IBM Corporation, Infor Global Solutions, Inc., Insperity, Inc., Nexonia, Oracle Corporation, Sutisoft, Inc.
The growth of the global SaaS-based expense management market is majorly driven by increase in penetration of smartphones and rise in use of app-based services. In addition, rise in need to reduce expenses and operational costs as well as increased adoption of end-to-end expense management solutions, further propel the growth of the market. However, lack of security of data over cloud platform and high initial investment for SaaS-based application act as the key deterrent factors of the global market. On the contrary, increase adoption of mobile or app based software as well as adoption of SaaS-based technology across various industry verticals are anticipated to provide lucrative opportunities for the market growth in the future.
The global SaaS-based expense management market is segmented into component, type, organization size, industry vertical, and region. By component, the market is segregated into solution and service. On the basis of type, it is bifurcated into travel expense management and telecom expense management. Depending on industry vertical, it is fragmented into manufacturing, media & entertainment, healthcare, travel & tourism, energy & utility, IT & telecom, retail & e-commerce, BFSI, government & public sector, and others. As per organization size, it is categorized into small- & medium-sized enterprises and large-scale enterprises. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players operating in the SaaS-based expense management market include Apptricity Corporation, Ariba, Inc., Concur Technologies, Expensify, IBM Corporation, Infor Global Solutions, Inc., Insperity, Inc., Nexonia, Oracle Corporation, Sutisoft, Inc.
KEY BENEFITS FOR STAKEHOLDERS
- The study provides an in-depth analysis of the SaaS-based expense management market along with the current trends and future estimations to elucidate the imminent investment pockets.
- Information about key drivers, restraints, and opportunities and their impact analysis on the SaaS-based expense management market size is provided.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the global SaaS-based expense management market.
- The quantitative analysis of the SaaS-based expense management market from 2021 to 2031 is provided to determine the SaaS-based expense management market potential.
Key Market Segments
By Component
- Solution
- Services
By Type
- Travel and Expense Management
- Telecom Expense management
By Enterprise Size
- Large Enterprise
- Small and Medium Scale enterprise
By Industry Vertical
- Manufacturing
- Media and Entertainment
- Healthcare
- Travel and Tourism
- Energy and Utility
- IT and Telecom
- Retail and E-commerce
- BFSI
- Government and Public Sector
- Others
By Region
- North America
- U.S.
- Canada
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- IBM CORPORATION
- ORACLE CORPORATION
- CONCUR TECHNOLOGIES INC.
- ARIBA, INC.
- APPTRICITY CORPORATION
- CONCUR TECHNOLOGIES
- INSPERITY, INC.
- INFOR GLOBAL SOLUTIONS, INC.
- SUTISOFT, INC.
- NEXONIA
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: SAAS-BASED EXPENSE MANAGEMENT MARKET, BY COMPONENT
CHAPTER 5: SAAS-BASED EXPENSE MANAGEMENT MARKET, BY TYPE
CHAPTER 6: SAAS-BASED EXPENSE MANAGEMENT MARKET, BY ENTERPRISE SIZE
CHAPTER 7: SAAS-BASED EXPENSE MANAGEMENT MARKET, BY INDUSTRY VERTICAL
CHAPTER 8: SAAS-BASED EXPENSE MANAGEMENT MARKET, BY REGION
CHAPTER 9: COMPANY LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “SaaS-based Expense Management Market," the saas-based expense management market was valued at $3.7 billion in 2021, and is estimated to reach $12.7 billion by 2031, growing at a CAGR of 13.41% from 2022 to 2031.The global SaaS-based expense management market was valued at $3,680.0 million in 2021, and is projected to reach $12,691.53 million by 2031, growing at a CAGR of 13.4% from 2022 to 2031. Rise in penetration of internet is encouraging creation and usage of innovative material, as well as development of new technologies in smartphones. These developments have resulted in rapid deployment of Software as a Service Expense Management system. Furthermore, availability of advanced and robust IT infrastructure is expected to offer potential growth opportunities for the SaaS-based expense management market. However, security breaches are a concern of SaaS-based expense management solution, which hampers the market growth. Conversely, companies are adopting artificial intelligence (AI) services for security reasons, which is beneficial for the expansion of the SaaS-based expense management market during the SaaS-Based Expense Management Market Forecast.
On the basis of type, the travel and expense management segment dominated the overall SaaS-Based Expense Management Market Share in 2021 and is expected to continue this trend during the forecast period. Companies are adopting SaaS-based travel and expense management solution to enhance organizing financial activities as well as boost the overall operational performance of an enterprises. In addition, corporations are improving their business operation to enhances their clients experience through using virtual technologies, thus driving the growth of the market. However, the telecom expense management segment is expected to witness the highest SaaS-based expense management market growth in the upcoming year. Telecom enterprise is witnessing a speedy growth, due to growing use of mobile gadgets amongst individuals. This gives several possibilities to the enterprise. Moreover, SaaS-based telecom expense management solution performs a pivotal function in putting off inefficiencies in commercial enterprise activities and requirement of deploying and managing infrastructure of telecom enterprise. Such advantages propel the growth of this segment.
Depending on industry vertical, the IT & telecom sector dominated the growth in 2021 and is expected to continue this trend during the forecast period. SaaS-based expense management software plays a pivotal role in eliminating inefficiencies in business activities and requirement of deploying and managing infrastructure of the IT &telecom industry. In addition, it provides limitless scalability and continual enhancement of functionality, which are critical in accomplishing digital transformation, thus boosting the growth of the market in this sector. However, healthcare sector is expected to witness the highest growth in the upcoming year. The SaaS-based expense management is gaining popularity in the healthcare sector, owing to enhanced end to end security with patient data, cost benefits, and improved connectivity benefits that it offers to users. In addition, increase in digitalization and better graphical user interaction further boost the demand for SaaS-based expense management in the healthcare sector.
Post COVID-19, the SaaS-based expense management market size was valued at $4,090.69 million in 2022, and is projected to reach $12,691.53 million by 2031, growing at a CAGR of 13.41% from 2022 to 2031. Governments and businesses increasingly adopted work-from-home trend or shifted working employees in less affected areas to maintain business continuity during the pandemic. However, the situation accelerated the adoption of advanced technologies such as AI, ML automation, and virtualization to control costs while improving customer experience. Furthermore, in the manufacturing sector, the pandemic pushed manufacturers to rapidly adopt novel strategies to address work-from-home policies and manage uncertain supply chains and extreme swings in demand. Hence, the manufacturing industry players are rapidly adopting SaaS-based software and other tech tools to stay engaged with employees anytime, anywhere.
Key Findings of the Study
- By component, the solution segment dominated the SaaS-Based Expense Management Industry in 2021. However, the services segment is expected to exhibit significant growth during the forecast period.
- On the basis of type, the travel and expense management segment dominated the SaaS-based expense management market in 2021. However, the telecom expense management segment is expected to witness the highest growth rate during the forecast period.
- Depending on organizational size, the large enterprises generated the highest revenue in 2021. However, the small and medium scale enterprise (SMEs) segment is expected to witness the highest growth rate in the near future.
- Depending on industry vertical, the IT & telecom industry generated the highest revenue in 2021. However, the healthcare industry is expected to witness the highest growth rate in the near future.
- Region-wise, the SaaS-Based Expense Management Industry was dominated by North America in 2021. However, Asia-Pacific is expected to witness significant growth in the coming years.
- This report gives an in-depth profile of some key market players in the SaaS-based expense management market, include Apptricity Corporation, Ariba, Inc., Concur Technologies, Expensify, IBM Corporation, Infor Global Solutions, Inc., Insperity, Inc., Nexonia, Oracle Corporation and Sutisoft, Inc. This study includes market trends, SaaS-Based Expense Management Market Analysis, and future estimations to determine the imminent investment pockets.
Companies Mentioned
- Ibm Corporation
- Oracle Corporation
- Concur Technologies Inc.
- Ariba, Inc.
- Apptricity Corporation
- Concur Technologies
- Insperity, Inc.
- Infor Global Solutions, Inc.
- Sutisoft, Inc.
- Nexonia
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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